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The Forensic Group of accountants at The Institute of Chartered Accountants in
England & Wales (ICAEW) is urging anyone with undeclared accounts held offshore
to seek urgent advice from a chartered accountant on how to regularise their
affairs.
The move follows the recent ruling allowing the details of people with offshore
accounts to be passed onto HM Revenue and Customs.
Peter Silk, Chair of the ICAEW Forensic Group, explained: “So-called tax havens
like the Channel Islands are now becoming a thing of the past for UK offshore
account holders who have not disclosed their details to HMRC.
"A great many people could now find themselves subject to a painful tax review
as well as penalties for non-declaration.
“HMRC expect this ruling to bring in around £1.5 billion in tax from savers and
investors who have failed to pay tax on their offshore accounts. These accounts
will be scrutinised in terms of their sources of undeclared income and funding
including that from capital gains.
"It is therefore extremely important for offshore account holders to seek the
advice of a chartered accountant in this matter to help with their affairs,
preferably in advance of HMRC making a request for their information.”
It is expected that offshore account holders who bank with Barclays bank will be
the first to have their details passed onto HMRC, but that this will have a
lesser effect on the large number of consumers who properly disclosed their
interest on their tax returns over the years.
Source:
Getting Paid
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